Comprehensive Problem 4 Part 2: Note: You must complete part before part 2 Anar all of the transactions for the year ended December 31, 2018, had been posted including the transactions recorded in part (1) and susting entries, the data below were taken from the records of toulinex Products the Unless otherwise stated, anume December 31 balance after adjusting entries Income statement data Advertise Cost of goods Delivery Deprecation pre-ome buildings and ment De expenses bugs and equipment Income tax expense stepe Interest revenue Miscantus administrative expense coussing expense Morrente Omoses expense Omer supplies Sales $150,000 3,700,000 30.000 10,000 100,000 140.500 21,000 30,000 7,500 14.000 50,000 170,000 10,000 5,313,000 Sales commissions Sales sales expense Store supplies expense 185,000 385,000 21,000 545,000 1.500.000 4.126,000 8,450 500,000 282,050 Retained earnings and balance sheet data: Accounts payable Accounts receivable Accumulated depreciation office buildings and equipment Accumulated depreciation-store buildings and equipment Allowance for doubtful accounts Bonds payable, 5. doe in 10 years Cash Common stock, $20 par (400,000 shares authored: 85,000 shares issued, 94,600 outstanding), January 1, 208 Dividends Cash dividends for common stock Cash dividends for preferred stock Goodwil Income tax payable Interest rivable Inventory (December 31, 2015), at lower of cost (FIFO) or market Office buildings and equipment 1.700,000 155,120 100.000 700,000 44,000 1,200 778,000 4,320,000 Paldin capital From se otresury Stock January, 2018 Pald-in capital in excess of par-common stock, January 1, 20Y8 736,800 Pald-in capital in excess of par-preferred stock, January 1, 2018 70,000 Preferred 5% stock, $80 par (30,000 shares authorized; 16,000 shares issued), January 1, 2018 1,280,000 Premium on bonds payable 19,000 Prepaid expenses 27,400 Retained earnings, January 1, 2048 8,197,220 Store buildings and equipment 12,560,000 Treasury stock, January 1, 20Y8 0 a. Prepare a multiple-step income statement for the year ended December 31, 2018. Equinox Products Inc. Income Statement For the Year Ended December 31, 2018 Sales Operating expenses: Selling expenses: Administrative expenses: Total operating expenses Operating income Other revenue and expense: Income before income tax Income tax Net Income b. Prepare a statement of stockholders' equity for the year ended December 31, 2018. Decreases in equity and purchase should be entered as negative amounts by using a minus ir your answer is zero, enter" Pald-In Capital In Excess of Par Preferred Stock Equinox Products Inc. Statement of stockholders' Equity For the Year Ended December 1, OY Paid-In Capital In Excess of Par- Paid-In Capital Common from Sale of Common Stock Stock Treasury Stock Retained Earnings Treasury Stock Preferred Stock Total c. Prepare a balance sheet in report form as of December 31, 20Y8. Equinox Products Inc. Balance Sheet December 31, 2018 Assets Current assets: Total current assets Property, plant, and equipment: All work saved. Total property, plant, and equipment Intangible assets: Total assets Liabilities Current liabilities: > Total current liabilities Long-term liabilities: Total liabilities Stockholders' Equity Paid-in capital: Stockholders' Equity Pald-in capital: Total paid-in capital Total stockholders' equity Total liabilities and Stockholders' Equity Comprehensive Problem 4 Part 2: Note: You must complete part before part 2 Anar all of the transactions for the year ended December 31, 2018, had been posted including the transactions recorded in part (1) and susting entries, the data below were taken from the records of toulinex Products the Unless otherwise stated, anume December 31 balance after adjusting entries Income statement data Advertise Cost of goods Delivery Deprecation pre-ome buildings and ment De expenses bugs and equipment Income tax expense stepe Interest revenue Miscantus administrative expense coussing expense Morrente Omoses expense Omer supplies Sales $150,000 3,700,000 30.000 10,000 100,000 140.500 21,000 30,000 7,500 14.000 50,000 170,000 10,000 5,313,000 Sales commissions Sales sales expense Store supplies expense 185,000 385,000 21,000 545,000 1.500.000 4.126,000 8,450 500,000 282,050 Retained earnings and balance sheet data: Accounts payable Accounts receivable Accumulated depreciation office buildings and equipment Accumulated depreciation-store buildings and equipment Allowance for doubtful accounts Bonds payable, 5. doe in 10 years Cash Common stock, $20 par (400,000 shares authored: 85,000 shares issued, 94,600 outstanding), January 1, 208 Dividends Cash dividends for common stock Cash dividends for preferred stock Goodwil Income tax payable Interest rivable Inventory (December 31, 2015), at lower of cost (FIFO) or market Office buildings and equipment 1.700,000 155,120 100.000 700,000 44,000 1,200 778,000 4,320,000 Paldin capital From se otresury Stock January, 2018 Pald-in capital in excess of par-common stock, January 1, 20Y8 736,800 Pald-in capital in excess of par-preferred stock, January 1, 2018 70,000 Preferred 5% stock, $80 par (30,000 shares authorized; 16,000 shares issued), January 1, 2018 1,280,000 Premium on bonds payable 19,000 Prepaid expenses 27,400 Retained earnings, January 1, 2048 8,197,220 Store buildings and equipment 12,560,000 Treasury stock, January 1, 20Y8 0 a. Prepare a multiple-step income statement for the year ended December 31, 2018. Equinox Products Inc. Income Statement For the Year Ended December 31, 2018 Sales Operating expenses: Selling expenses: Administrative expenses: Total operating expenses Operating income Other revenue and expense: Income before income tax Income tax Net Income b. Prepare a statement of stockholders' equity for the year ended December 31, 2018. Decreases in equity and purchase should be entered as negative amounts by using a minus ir your answer is zero, enter" Pald-In Capital In Excess of Par Preferred Stock Equinox Products Inc. Statement of stockholders' Equity For the Year Ended December 1, OY Paid-In Capital In Excess of Par- Paid-In Capital Common from Sale of Common Stock Stock Treasury Stock Retained Earnings Treasury Stock Preferred Stock Total c. Prepare a balance sheet in report form as of December 31, 20Y8. Equinox Products Inc. Balance Sheet December 31, 2018 Assets Current assets: Total current assets Property, plant, and equipment: All work saved. Total property, plant, and equipment Intangible assets: Total assets Liabilities Current liabilities: > Total current liabilities Long-term liabilities: Total liabilities Stockholders' Equity Paid-in capital: Stockholders' Equity Pald-in capital: Total paid-in capital Total stockholders' equity Total liabilities and Stockholders' Equity